TMI BlogCommencement of limitation for penalty proceedings under sections 271D and 271E of the Income tax Act, 1961X X X X Extracts X X X X X X X X Extracts X X X X ..... New Delhi, 26 th April, 2016 Subject:- Commencement of limitation for penalty proceedings under sections 271D and 271E of the Income tax Act, 1961 - reg. It has been brought to the notice of the Central Board of Direct Taxes (hereinafter referred to as the Board) that there are conflicting interpretations of various High Courts on the issue whether the limitation for imposition of pena ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the view that for the sake of clarity and uniformity, the conflict needs to be resolved by way of a Departmental View . 3. The Hon'ble Kerala High Court in the case of Grihalaxmi Vision v. Addl. Commissioner of Income Tax, Range 1, Kozhikode , vide its order dated 8.7.15 in ITA Nos. 83 86 of 2014, observed that, Question to be considered is whether proceedings for levy of penalty, a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... jurisdiction. If that be so, the initiation of the penalty proceedings is only with the issuance of the notice issued by the Joint Commissioner to the assessee to which he has filed his reply. 4. The above judgment reflects the Departmental View . Accordingly, the Assessing Officers (below the rank of Joint Commissioner of Income Tax.) may be advised to make a reference to the Range Head, re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mittee. The CTC shall examine the said judgment on priority to decide as to whether filing of SLP to the Supreme Court will be adequate response for the time being or some legislative amendment is called for. 6. The above clarification may be brought to the notice of all officers. (Sadhana Panwar) DCIT(OSD)(ITJ), CBDT, New Delhi - Circular - Trade Notice - Public Notice - Ins ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
